The question is based on the following table, which provides information on the production of a product that requires one variable input. Diminishing marginal returns sets in with the addition of the

Question

The question is based on the following table, which provides information on the production of a product that requires one variable input.  Diminishing marginal returns sets in with the addition of the

Quizplus · Accepted Answer

Diminishing marginal returns sets in when the marginal product of the variable input decreases with each additional unit of input. As seen in the table, the marginal product of the third unit is lower than the marginal product of the second unit, indicating that diminishing marginal returns have set in.

The Question Is Based on the Following Table, Which Provides